CCTV may not mean cheaper home insurance cover

Most consumers in the UK are well aware of the importance of having home insurance in place in order to provide financial protection against damage, loss, or theft of belongings or damage to the home. The cost of home insurance cover can vary from one provider to another and based on a range of details with regards to the consumer. Most customers do their best to drive the cost of cover down as much as possible, and some have even had CCTV fitted in order to deter thieves from breaking in to the home, causing damage, and stealing belongings.

Electrical retailer Maplin recently stated that there has been an increase of 70% in the purchase of CCTV equipment for residential use. With over 90 different CCTV products available consumers are rushing to try and protect their homes and reduce their insurance premiums by having this installed. However, industry professionals have stated that there is not enough evidence to determine whether CCTV actually deters burglars and vandals, and having this equipment installed will not necessarily mean a reduction in insurance premiums.

Insurance professionals have stated that one way of driving down home insurance cover is to have locks and alarms fitted that have been recommended by the insurance provider. The lack of evidence relating to the effectiveness of CCTV means that many insurance firms will not take this into account when calculating the cost of cover. However, proper alarms, locks, and security may help to decrease the cost of cover, as can shopping around in order to compare the cost of cover from different providers.

Other factors that can affect the cost of cover can include any past claims, the type of property that you live in, the area in which you live, and the value of belongings within the home, as well as the value of the home.

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